The Australian share market has closed more than one per cent lower, with falls across all sectors.

At the close on Wednesday, the benchmark S&P/ASX200 index was 58.4 points, or 1.06 per cent, lower at 5,452.5, while the broader All Ordinaries index was down 56.3 points, or 1.02 per cent, at 5,442.2.

On the ASX 24, the September share price index futures contract was 62 points lower at 5,410, with 29,193 contracts traded.